High Professional Standards with the aim of providing comprehensive services.

Gupta Ankit and Co.

Physical Count Audit

Ecommerce Audit

Compliance & Process Audit

Stock Audit is an area of specialization and core competence for Gupta Ankit and Co.

When heading forward, it is important to remember and keep in consideration the purpose for which the audit is being conducted because different audits may have different approach which would ultimately depend on the aim..

In other words, stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.

Here are the reasons why one should look forward for the stock audit.

  • To update the opening stock details in shopper.
  • To identify the discrepancy between book stocks also known as computed stock and physical stock.
  • To update the actual physical stock as book stock.
  • To ensure proper preservation and handling of stocks.
  • We offer reliable stock audit services to companies and organizations with a dedication and aim to help them safeguard and monitor their physical assets and inventories.

Stock Audit Procedure and Services in India

The stock audit procedure and services in India is everywhere the same. We have highly experienced and well trained stock audit professionals that can not only offer you quality results and output but at the same time, help you suggesting for the controlling of cost of the stocks. Stock audit offers you great benefits. Our special Stock Audit team follows a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also undertaken for banks and other financial institutions which have extended credit to businesses against physical goods and assets. We have big enough network throughout India for quick and simultaneous audits at multiple locations.

Here are a few listed key benefits of stock audit

  • Prevent pilferage and fraud
  • Identifies slow moving stock, obsolete stock, dead stock and scrap
  • Financial Projections
  • Third party independent opinion, especially for agent warehouses
  • Identifies gap in current inventory management process
  • Enable accurate valuation of inventory
  • Financial Projections
  • Third party independent opinion, especially for agent warehouses

Advantages Of Stock Audits

Stock audit is becoming more important as businesses is becoming multi-location and vendors, dealers, partners becoming a key to the business process. Assets like stock, physical equipments and machinery and even people are located in any of the above premises and a good control mechanism is the need for the smooth running of the business.

Following are the main aspects which are taken care while performing stock audit:

  • Reviewing cut-off procedures and scrutinizing the follow up
  • Verification of physical stocks
  • Verifying stock register
  • Reports on Stock pilferage/damage reports
  • Comparison of Financial Records with others like stock register
  • Reporting on discrepancy
  • Valuation and verification of Stock-in-transit
  • Verification of Stock valuation